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Despite Interest Rate Deal, Students Face Massive Hikes on Loan Fees

HeadlineJun 28, 2012

Senate leaders have finalized a tentative deal to avoid a doubling of low-interest rates on federally subsidized student loans. Despite the agreement, the Washington Post reports students are still facing major changes that will lead to billions of dollars in increases on student loan payments. Starting on Sunday, students pursuing graduate degrees will now need to start paying their federal loans while they are still in school and immediately after graduation, leading to an increase of $18 billion in loan payments over the coming decade. The government will also stop covering interest on undergraduate loans during the six months immediately following graduation, meaning students will start accumulating interest right away. The changes have been overshadowed in recent days as lawmakers scrambled to prevent a spike in interest rates.

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